Media Release from the Mayor Stewart's Office

City of New Britain
Office of Mayor Timothy Stewart

MEDIA RELEASE

January 31, 2011
FOR IMMEDIATE RELEASE
Contact: Lisa Carver (869) 826-3303 or
City Assessor Michael Konik (860) 826-3326

MAYOR RELEASES GRAND LIST FIGURES; INCREASE DESPITE CONTINUING SLUGGISH ECONOMY


New Britain Mayor Timothy Stewart today released the October 1, 2010 Grand List which shows a net Grand List increase of 0.32% compared with the October 1, 2009 Grand List

“I am pleased to announce that, despite the poor economic conditions facing our country, state and community, New Britain’s net Grand List has remained stable, even slightly increasing this year,” Mayor Stewart said today. “A year ago, our Grand List decreased by 0.3% as the economic situation continued to stagnate. This year, the Grand List continued to improve showing a slight increase in real estate and motor vehicle values that offset a decrease in personal property assessments.”

Stewart noted that the 2010 Grand List showed net (less exemptions) real estate values increased $9.1 million (0.36%), motor vehicles increased $4.4 million (1.86%) while personal property decreased by $4.2 million
(-2.79%).

“It is important to point out that Personal Property is down due to the state mandated increase in exemptions for manufacturing equipment older than five years in age. The exemption went from 80% last year, to 100% this year, effectively eliminating manufacturing equipment from taxation. While the City does receive a reimbursement from the State of Connecticut to reimburse us for part of the tax loss on these exemptions, it is frozen at 80% or less of the tax amount that would be due if there were no exemptions at all. The phase out in the assessment of this equipment began in 2006. This is yet another state mandate that ties the hands of City’s attempting to generate tax revenue and unfortunately, it is the owners of real property and motor vehicles that are then forced to make up the difference,” Stewart added.

The increase in real property included $4.5 million in assessments for new construction on 18 new homes. Another factor adding to the increase was less in exemptions for businesses (Webster Bank, Papa’s Dodge and Siracusa Moving) that have negotiated assessment deals to phase in their assessments on new or expanded facilities.

“Overall, I believe these figures indicate a level of stability for our City that is important at a time when the national economy has been in turmoil. It is, however, too early to speculate on what impact these latest figures will have when it comes to budget deliberations. There are far too many other factors that will affect the mill rate, specifically the amount of state and federal funding that New Britain will receive in the next fiscal year which has yet to be determined. For my part, I will make every effort to control spending in the 2011-2012 City budget and to protect the taxpayers of our community from increases in local property taxes,” Stewart concluded.
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Note: A list of the top ten taxpayers on the 2010 Grand List is attached.